Stay updated with breaking news from Lender specific. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
it's trying to curb rising prices after figures on wednesday showed that inflation was unchanged last month at 8—point—7 %. the official interest rate, which currently stands at a—and—a—half %, underpins the cost of variable—rate mortgages and other loans. ben boulos reports. the theory is that rising interest rates make it more expensive to borrow money, meaning people have less to spend, and so bringing down demand and therefore easing price rises. what's your name, please? but this brighton mortgage broker says people are already accepting extraordinary changes to the length of their terms to keep monthly costs down. lenders are coming up with different ways of helping clients. they are looking at extending mortgage terms for a longer period of time. so some lenders will go up to the age of 80. it's all lender specific. new analysis by age and region shows that people in their 20s and 30s are most affected by rising mortgage costs. they face a £300 to £360 a month hike. those in london and the south—east, where house prices and mortgages are the highest, face a bigger hit. people such as ewan,
lenders are coming up with different ways of helping clients. they are looking at extending mortgage terms for a longer period of time. so, some lenders will go up to the age of 80. it's all lender specific. new analysis by age and region shows that people in their 20s and 30s are most affected by rising mortgage costs. they face a £300 to £360 a month hike. those in london and the south—east, where house prices and mortgages are the highest, face a bigger hit. people such as ewan, a management consultant, having to find an extra £a00 a month. i remember speaking to a friend of mine who, we bought roughly at the same time, and he locked into a five year mortgage. and i rememberwe both kind of laughed saying, oh, we'll see who ends up on the better end of the spectrum in a couple of years' time. he's the one laughing and i'm the one paying the price. eight out of ten mortgage customers hold a fixed rate mortgage. their monthly payments may not change immediately, but
ways of helping clients. they are looking at extending mortgage terms for a longer period of time. so, some lenders will go up to the age of 80. it's all lender specific. new analysis by age and region shows that people in their 20s and 30s are most affected by rising mortgage costs. they face a £300 to £360 a month hike. those in london and the south—east, where house prices and mortgages are the highest, face a bigger hit. people such as ewan, a management consultant, having to find an extra £a00 a month. i remember speaking to a friend of mine who, we bought roughly at the same time, and he locked into a five year mortgage. and i rememberwe both kind of laughed saying, oh, we'll see who ends up on the better end of the spectrum in a couple of years' time. he's the one laughing and i'm the one paying the price. eight out of ten mortgage customers hold a fixed rate mortgage. their monthly payments may not change immediately, but house buyers, or anyone
some lenders will go up to the age of 80. 80?! yeah. it just depends. it is all lender—specific. in terms of the term lengths, sort of 30 years, a0 years? yes, we can go up to a 40—year term as well. a new ifs analysis by age and region shows people in their 20s and 30s most affected by rising mortgage costs, facing a £300—£360 a month hike. and those in london and the south—east, where house prices and mortgages are the highest, face a bigger hit. people such as ewan, a management consultant, having to find an extra £400 a month. if inflation remains sticky, as it is predicted to be, there will be a lot of home repossessions, a lot of people forced to sell. which will cause a bit of a housing crash, and our property is valued based on other people's demand. and so our property might depreciate below the value of our mortgage, so we will be in negative equity. who knows? price rises remain hot, so more interest rate rises
lenders are coming out with different ways of helping clients. they are looking at extending mortgage terms out for a longer periods of time. how long is the longest? some lenders will go up to the age of 80. 80?! yeah. itjust depends. it is all lender—specific. in terms of the term lengths, sort of 30 years, a0 years? yes, we can go up to a 40—year term as well. a new ifs analysis by age and region shows people in their 20s and 30s most affected by rising mortgage costs, facing a £300—£360 a month hike. and those in london and the south—east, where house prices and mortgages are the highest, face a bigger hit. people such as ewan, a management consultant, having to find an extra £400 a month. i remember speaking to a friend of mine, he locked in a five year mortgage. we said, he will end up on